Saudi Electric takes aim at stake in Hinkley Point nuclear power plant

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Caitlin Morrison

Hinkley Point power plant in Somerset is being redeveloped into a nuclear project

Saudi Arabian utility firm Saudi Electric is in talks to become one of the investors in the nuclear power plant at Hinkley Point.

According to a report on Sky News, the firm is vying to buy a minority stake in the project, which got the go-ahead from the European Commission last month.

As it stands, French energy firm EDF Group will own 45 to 50 per cent of the project, French nuclear developer Areva will own 10 per cent and two state-owned Chinese firms – the China General Nuclear Corporation and China National Nuclear Corporation – will together own 30 to 40 per cent.

Peter Atherton, analyst at Liberum, said the speculation was “not surprising”.

He added: “We know that they were looking for additional investors. When you have got the Chinese state owning 30 per cent to 40 per cent of Hinkley, it’s not going to be a problem to have the Saudis on board.”